Quarterly ResultMay 20, 2026, 09:12 AM
Ellington Credit Q1 GAAP Net Loss $(32.3)M; NAV $4.09
AI Summary
Ellington Credit Company reported a GAAP net loss of $(32.3) million, or $(0.86) per share, for the quarter ended March 31, 2026. Net asset value (NAV) per share declined to $4.09, including $0.24 per share in distributions. Despite market headwinds and volatility in the CLO market, the company issued $54 million in senior unsecured notes to enhance its capital structure and position for future earnings growth, with management noting strong performance in Q2 so far.
Key Highlights
- NAV per share was $4.09 as of March 31, 2026, including $0.24 per share distributions.
- GAAP net loss was $(32.3) million, or $(0.86) per share for the quarter.
- Net investment income (NII) was $5.1 million, or $0.13 per share.
- Adjusted net investment income was $7.3 million, or $0.19 per share.
- CLO portfolio fair value was $307.9 million as of March 31, 2026.
- Issued $54 million of senior unsecured notes on March 30, 2026, maturing March 30, 2031.
- Received $17.4 million in recurring cash distributions from the investment portfolio.
- Weighted average GAAP yield for the quarter was 12.5% on the total CLO portfolio.
Price Impact
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